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Russia ups oil output 2.3% in 9M06 - statistics service

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MOSCOW, November 17 (RIA Novosti) - Russia's oil production in January-September rose 2.3% to 357.7 million metric tons (2.63 billion bbl) year-on-year, the national statistics service reported Friday.

The share of crude in Russian exports in the reported period stood at 35.3%, accounting for 52.6% of overall energy exports. In the same period of last year, the figures stood at 34.8% and 54.5% respectively, the Federal State Statistics Service said.

In September, Russia produced 9.293 million barrels of crude per day, or more than 30% of OPEC countries' combined daily output. Russia's figure exceeded that of Saudi Arabia, whose daily production was 9.086 million bbl/d during the month.

The international oil cartel has moved to cut production levels by 1.2 million barrels a day as of November 1, 2006 in a bid to stabilize markets and stop the decline in oil prices seen over the last few months.

Oil prices have dropped from a peak of $72.68 per barrel on August 8 to $53.37 on October 31, according to OPEC.

Russia, currently the world's largest supplier, has introduced its new REBCO blend, the third crude brand to trade on the NYMEX after WTI and Brent.

It will replace Urals as Russia's price index used for calculating supply prices, export duties and mineral extraction tax. It is expected to fetch a higher price than Urals, generally priced at a $5-6 per barrel discount to Brent due to its lower sulfur content.

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